Non-profit and human services

Cyber liability insurance is a dedicated insurance policy that helps keep organizations safe from the fallout of adverse cyber events like data breaches, ransomware, or malware attacks. A cyber liability policy can help cover the cost of:

• Breach response services
• Recovering compromised data
• Repairing damaged IT systems
• Regulatory fines
• Business Interruption and lost revenue
• Defense costs
• Public relations expenses
• Cyber extortion
• Runds transfer fraud

Even more than most organizations, nonprofits are vulnerable to cyber-attacks. Non-profits tend to be attractive targets to hackers because of the confidential information they collect from employees, volunteers, partner organizations, and clients. This may be personally identifiable information like Social Security numbers, financial records, credit card numbers, and driver’s license numbers, or protected health information such as biometric data, medical records, health plan information, and addresses.

Public filings may also be used by hackers to identify which organizations to target. As a result, over 30,000 websites are hacked daily, and cyberattacks have become the fastest-growing crime in the U.S. Last year alone, 50% of Nonprofits faced cyber-attacks and 40% of those attacks were categorized as ransomware.

Who needs cyber liability insurance? Any organization that deals with confidential information needs protection against cyber threats. If your organization suffers a cyber attack, you can face heavy fines due to HIPAA or GLBA violations, depending on your operations. You can also be held responsible for damages affecting the victims of the cyber incident, including identity theft and financial losses.

Obtaining cyber liability coverage can give you peace of mind and help restore operations after a cyber security incident so you can continue your mission.

Lamb works directly with our nonprofit partners to find the optimal coverage options for your organization at the best price. Lamb’s cyber liability insurance options include both first-party and third-party coverage. Nonprofit organizations may need to file first-party and third-party claims when faced with cyber liability issues. 

Cyber liability policies provide several “First-Party” coverages designed to restore the policyholder’s financial, digital, and physical assets in the aftermath of a breach. These include:

• Business interruption
• System failure (unintentional shutdown
• Digital asset restoration
• Computer replacement
• Reputational loss
• Cyber extortion
• Ransomware
• Funds transfer fraud
• Invoice manipulation
• Court attendance costs

Cyber liability policies also provide “Third-party” coverages. These include:

• Privacy & security liability
• Media liability
• Emotional distress/mental anguish claims
• Regulatory fines & penalties
• Payment Card Industry (PCI) fines & penalties

In addition to comprehensive cyber liability coverage, Lamb provides nonprofits with customized cyber liability risk consulting services. We work with nonprofits to identify gaps in their current cybersecurity practices, help improve loss prevention practices relating to the nonprofit’s cyber presence and create strategies for reducing potential cyber liability claims in the future.

Lamb offers our nonprofit clients a comprehensive online resource library that covers an area of cyber liability that they may face. Lamb’s nonprofit partners also benefit from over 150 online courses, policy and procedure-building tools, and an HR hotline to assist with potential cyber liability coverage claims and issues.

Lamb provides exceptional client advocacy services for nonprofit partners who need to file cyber liability claims. If a client’s cyber liability claim has been denied, Lamb will review the claim and provide cyber liability dispute services to reverse the denial and get the client the compensation they deserve.

Additionally, Lamb will perform comprehensive reviews of contracts where nonprofit clients can potentially expose themselves to cyber liability. We ensure that nonprofit clients do not enter into contracts with unreasonable or inadequate coverage or requirements.

We also review all cyber security insurance policies to ensure they align with the client’s state and industry-required coverage. By advocating for our nonprofit partners, Lamb ensures they are protected from potential cyber liability at all levels of their operations.

Lamb Insurance specializes in providing insurance coverage to nonprofit and human services organizations. We partner with over 3,000 clients nationwide and are the largest insurance brokerage firm in the nonprofit industry. We also ranked #85 in the Insurance Journal’s list of the Top 100 Property and Casualty insurance agencies in 2022.

Our industry knowledge and commitment to core values like work ethic, humility, caring, passion, and effectiveness, set us apart as an insurance brokerage company. Working with Lamb gives you a trusted insurance industry partner who can help protect your nonprofit or human services organization with cyber security, general liability, workers’ compensation, and property damage insurance.